A Checklist of what to do if you are named Executor or Trustee of an Estate

What are your responsibilities if appointed as Executor or Trustee of an Estate?

Why is this important?

If a family member or friend has named you as their Executor or Trustee, would you know what to do?

Unless you have been an Executor or Trustee before, it is difficult to know the first step to take or what needs to be done. Mistakes early in the process can cause problems and even personal liability to the Executor or Trustee.

What is the solution?

To educate the Executor or Trustee even before they come into my office, I have created a Checklist with vital information. This provides insight into the duties and responsibilities which must be followed.

What can I do with the Checklist?

If you are named as either the primary or contingent Executor or Successor Trustee, keep this Checklist in an easily accessible location. If the time comes, you will already have an understanding of your role and what needs to be done.

It may also be beneficial to send this to the people you have named as Executor or Trustee so they are aware of what needs to be done.

Preliminary Estate Administration Checklist What to do if you are appointed Executor or Trustee The following is an essential checklist to be used in the event you are appointed as an Executor or Trustee. Any legally binding action should only be taken after consultation with qualified counsel. Should you have questions on any of these points feel free to call to discuss. ____ 1. Review the Will/Trust You may be listed as a primary or contingent Executor or Trustee. A primary Executor or Trustee is the person who has been nominated to take on the duties of transferring assets from one generation to the next. If the primary Executor or Trustee is deceased, unavailable, or unwilling to take on this role, then the person(s) named as contingent will take the lead. We can help you review the most recent documents at the time of death to determine your role. ____ 2. Gathering and Preserving Assets As the Executor or Trustee, it is imperative that you have a complete understanding of what property the deceased owned at the time of death. Typically, you can locate this information in the decedent’s account statements, government records, or as scheduled personal property with their homeowner’s insurance. ____ 3. Review and Keep the Mail There is a lot of vital information that will come through the mail. This will include information related to: bank accounts, bills, insurance, and other assets or debts. ____ 4. Create a List of all Debt & Creditors There are requirements that creditors must follow to make a claim against the estate. There are some debts which will need to be paid and others that may not require payment; it is important to discuss this with counsel before making these decisions. ____ 5. Keep a List of Accounts It is important to locate and list all accounts that were in the name of the deceased or in the name of the trust. Part of settling the Estate will include moving assets from all of the decedent’s accounts into a single estate bank account. ____ 6. Record all Estate Costs There will be funeral costs, costs to administer the estate, and costs to ensure the assets are not taken by creditors. If, at any point, you pay costs out-of-pocket or from the estate account it is imperative that you keep a record of these transactions to avoid a potential dispute. ____ 7. Contact Social Security or Pension Providers If the deceased was receiving any government benefits or a pension, it is important to inform those providers so they stop making direct deposit payments. This will avoid repayment and confusion on the estate’s value and ease the process of administration. This is an article with general information and not a substitute for legal advice. Any third party services or information are not endorsed by Elliott Stapleton. As with all legal decisions, it is imperative to use qualified counsel. Feel free to contact me with any questions Elliott Stapleton, Esq. Phone: (513) 771-2444 Emergency Line: (513) 334-0099 estapleton@cmrklaw.com

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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